Productivity Perspectives offers a timely and stimulating social science view on the productivity debate, drawing on the work of the ESRC funded Productivity Insights Network. The book examines the drivers and inhibitors of UK productivity growth in the light of international evidence, and the resulting dramatic slowdown and flatlining of productivity growth in the UK. The reasons for this so-called productivity puzzle are not well understood, and this book advances explanations and insights on these issues from different disciplinary and methodological perspectives. It will be of value to all those interested in, and engaging with, the challenge of slowing productivity growth. This book will be essential and insightful reading for academics across the social sciences, business leaders and policy makers working on the productivity puzzle. Written in an accessible manner, it will also be of interest to a wide audience in government, the private sector and civil society. Contributors include: M. Abreu, J. Cook, I. Docherty, G. Dymski, B. Gardiner, D. Hardy, R. Harris, A. Henley, R. Huggins, H. Izushi, R. Lewney, K. Lisenkova, C. Mason, P. McCann, L. McSorley, J. Nelles, K. Newsome, V. Sena, I. Sprackling, T. Vorley, D. Waite

* Presents many of the microeconomic and macroeconomic theories and schools of thought not generally covered in mainstream principles of economics textbooks * Each chapter starts with a short "refresher" of standard neoclassical economic modelling before demonstrating how that model is distorted by people, problems and events in the real world to provide students with a more realistic picture of how the economy works * Updates throughout and new material on populism, racism, inequality, climate change and the covid-19 pandemic * Now has online supplements: quiz questions for students and PowerPoint slides for instructors

It is impossible to understand modern economics without knowledge of the basic tools of gametheory and mechanism design. This book provides a graduate-level introduction to the economic modeling of strategic behavior. The goal is to teach Economics doctoral students the tools of game theory and mechanism design that all economists should know.

This comprehensive two-volume set brings together important contributions providing fundamental economic analyses of social networks and the central roles they play in many facets of our lives. The first volume consists of classic articles that model network formation and games on networks, as well as those on the identification of peer effects from an econometric viewpoint. The second volume provides empirical analyses of network effects on labor, education, development, crime and industrial organization, as well as some laboratory and field experiments. This set of indispensable papers, with an original introduction by the editors, will prove an essential tool to researchers, scholars and practitioners involved in this field.

This book presents a comparative study of the land settlements and sovereign arrangements between the US government and the three major aggregated groups of indigenous peoples-American Indians, Native Alaskans, and Native Hawaiians-whose land rights claims have resulted in very different outcomes. It shows that the outcomes of their sovereign claims were different, though their bases were similar. While the US government insists that it is committed to the government-to-government relationship it has with the tribes, federal authority severely limits the ability of tribal governments to participate as an equal partner.

Humans have long neglected to fully consider the impact of their behaviour on the environment. From excessive consumption of fossil fuels and natural resources to pollution, waste disposal, and, in more recent years, climate change, most people and institutions lack a clear understanding of the environmental consequences of their actions. The new field of behavioural environmental economics seeks to address this by applying the framework of behavioural economics to environmental issues, thereby rationalizing unexplained puzzles and providing a more realistic account of individual behaviour. This book provides a complete and rigorous overview of environmental topics that may be addressed and, in many instances, better understood by integrating a behavioural approach. This volume features state-of-the-art research on this topic by influential scholars in behavioural and environmental economics, focussing on the effects of psychological, social and cognitive factors on the decision-making process. It presents research performed using different methods and data collection mechanisms (e.g. laboratory experiments, field experiments, natural experiments, online surveys) on a variety of environmental topics (e.g. sustainability, natural resources). This book is a comprehensive and innovative tool for researchers and students interested in the behavioural economics of the environment and in the design of policy interventions aimed at reducing the human impact on the environment.

The concept of localized technological change is emerging at the crossroads of different approaches to the economics of innovation and new technologies. The term localized technological change' refers to the introduction of technological changes which make possible an increase in total factor productivity within only a limited range of techniques defined by the levels of factor intensity. This contrasts with generalized technological change', which is defined as the global shift of all the techniques represented on the map of isoquants of the neoclassical tradition. The Economics of Localized Technological Change elaborates the notion of localized technology with respect to firms, factor substitution, sectors, regions and techniques. It also assesses the implications for industrial policy, technology and innovation policy. The book will be of interest to corporate policy makers, scholars of industrial organization and economics of innovation as well as business school students.

Handbook in Environmental Economics, Volume 4, the latest in this ongoing series, highlights new advances in the field, with this new volume presenting timely chapters on Modeling Ecosystems and Economic Systems, Framing Sustainability Policy Questions: Who Leads - Ecology or Economics?, Valuing Natural Capital Within an Integrated Economic Ecological, Developing Economies, Urbanization, Climate Change and Health, Viewing Environmental Policy Instruments for Domestic and International Perspective, Quasi experimental Estimation of Environmental Policies, Environment Macro, The Rules for Formal and Informal Institutions in Managing Environmental Resources, and How Should Uncertainty Be Integrated into the Methods for Policy Evaluation?

Neoclassical economics has been criticized from various angles by orthodox schools. The same can be said about its particular branch: the theory of the firm. This book demonstrates how a successful theory of the firm can be presented without flawed notions of a neoclassical framework and used to comprehend actual business history. The author argues that we should start from the assumption that businesses are inevitably imponderable, as that is their nature, in the process of economic evolution. The book offers an in-depth exploration of neoclassical limitations by examining each of the small details associated with the famous MR = MC rule. It follows a step-by-step approach, which starts off with neoclassical assumptions and then moves into more empirically sound theory, based on modeling logic and rooted in real world examples. The author presents a novel discussion on the size of the firm, both in terms of classifying a firm's expansion and about the factors that limit the size of the firm and argues how formal pricing theory can be built using more indeterminate assumptions about firms. Further, there is a discussion on how firms are rooted in amorphous industries, which helps to explain economic progress better by emphasizing the importance of economic experiments, mistakes and bankruptcies. This is a valuable reference for scholars and researchers who are interested in a range of topics from microeconomics, through pricing theory to industrial organization, history of economic thought and managerial economics.

This book focuses on the economic aspects of intellectual property (IP). It includes considerations of the wider category of intangible assets. However, the primary focus is devoted to patents which the author argues are the most vivid example of the Tragedy of Intangible Abundance (TIA). TIA touches upon a key issue in the contemporary economy. On the one hand, there is an enormous supply of IP, yet, on the other hand, such an abundance does not necessarily solve existing issues but rather creates new ones as well. This book elaborates on the reasons for the emergence of TIA and its consequences. The author uses clear metaphors to explain very complex issues. The book provides a valuable and interdisciplinary analysis of the field and offers practical solutions. It is based on the data collected by the author during the qualitative research he conducted among a group of start-ups. It presents guidance on determining which instrument is the most efficient for a particular situation. It also provides arguments for decision-makers and their advisors as to why a more open approach towards intellectual property would be more beneficial under many circumstances in the contemporary economy. While universal issues are addressed, the author distinguishes the European perspective too. The book is written in a clear and concise style and covers all of the crucial aspects of IP management. It will find an audience among scholars of economics and business.

Oligopoly theory is one of the most intensively studied areas of mathematical economics. On the basis of the pioneering works of Cournot (1838), many res- rchers have developed and extensively examined the different variants of oligopoly models. Initially, the existence and uniqueness of the equilibrium of the different types of oligopolies was the main concern, and later the dynamic extensions of these models became the focus. The classical result of Theocharis (1960) asserts that under discrete time scales and static expectations, the equilibrium of a sing- product oligopoly without product differentiation and with linear price and cost functions is asymptotically stable if and only if it is a duopoly. In the continuous time case, asymptotic stability is guaranteed for any number of ?rms. In these cases the resulting dynamical systems are also linear, where local and global asymptotic stability are equivalent to each other. The classical book of Okuguchi (1976) gives a comprehensive summary of the earlier results and developments. The multipr- uct extensionshave been discussed in Okuguchiand Szidarovszky(1999);however, nonlinear features were barely touched upon in these contributions. WiththedevelopmentofthecriticalcurvemethodbyGumowskiandMira(1980) (see also Mira et al. (1996))fordiscrete time systemsand the introductionof cont- uously distributed information lags by Invernizzi and Medio (1991) in continuous time systems, increasing attention has been given to the global dynamics of n- linear oligopolies. The authors of this book have devoted a great deal of research effort to this area.

Microeconomic Theories of Imperfect Competition: Old Problems and New Perspectives is an authoritative collection of readings which, together with a new, original introductory essay by the editors, provides a broad overview of the major theoretical concepts in the field.This collection includes published papers on industry size: quantity and price competition, entry barriers, product differentiation, incomplete information, general equilibrium with imperfect competition. This book will be essential reading both for those seeking an introduction to the subject and those seeking a new perspective.

Intellectual property rights are essential for a firm's competitive edge and success and form the significant assets for many firms. The authors of this book argue that intellectual property is a complex phenomenon, which inevitably requires a combination of both economic and legal considerations, because the lack of understanding of the mechanisms for the protection and preservation of IP can serve to undermine any of the potential economic benefits. The book outlines the opportunities that can be derived from the use of IP in business and also identifies the rules necessary for their implementation. It offers a comprehensive, systemic research of intellectual property based on the most up-to-date legislation and cases of IP use in Russia. Such an approach will allow readers to fully understand the peculiarities of IP as a special phenomenon of the Russian market. There is a good balance between theoretical knowledge and practical implementation, and the plain language and unique approach to structuring information make the book accessible and easy to understand. It contains a special glossary of terms to facilitate the understanding of the material presented in the book. Although the book looks specifically at the Russian case, it will have international appeal, since intellectual property, by its very nature, has become a transnational phenomenon. Moreover, the international regulatory framework provides for the similarity of legal regulation of IP. The book will find an audience among researchers concerned with the economics and law of intellectual property, as well as, policymakers and practitioners involved in business IP.

This book attempts to reformulate existing orthodox economic theory in order to improve its conversation with disciplines that have traditionally been seen as the domain of political scientists, sociologists, psychologists and even biologists, and to fit economics into the broader scheme of social science theory. Drawing on general systems theory, Robert Scott Gassler applies economic analysis to a wide range of social phenomena that incorporate motives other than profit or self-interest, such as altruism and non-profit organisations. He debates in depth the means, problems and advantages of adapting economic theory to new sets of assumptions, and of communicating this theory intelligibly to those in related fields. This book should not only be read by political and social economists, but is also accessible to those in the fields of education, health and non-profit administration, public affairs, and urban planning to name but a few.

Despite the dynamic development of the discipline of economics, the ways in which economics is taught and how it defines its basic principles have hardly changed, resulting in economics being criticised for its inability to provide relevant insights on global challenges. In response, this book defines new principles of economics and seeks to establish economics as the science of markets. A New Principles of Economics provides an alternative conceptual framework for the study of economics, integrating recent developments and research in both economics and neighbouring social sciences. Adopting the structure of a standard principles text, it separates the study of markets as mechanisms and markets in their wider contexts. In doing so, a number of new perspectives are introduced, including approaching the economy as part and parcel of the Earth system; directly connecting the analysis of production with an analysis of technology and thermodynamic principles; explicitly treating markets as forms of social networks mediated by the institution of money; and reinstating the central role of distribution in political economy analysis. Drawing on the latest theories and research on the economy, and including both the natural and social sciences, this text provides a holistic introduction suitable for postgraduates and other advanced students.

This volume contains a collection of the most important articles on independent central banks and economic performance. The collection is comprehensive and divided into four parts: theoretical foundation of central banks independence, central bank independence, empirical evidence on central bank independence and determinants of central bank independence. The editor has prepared a new introduction discussing the main developments in this field. The volume will be a basic reference source for professors, lecturers, researchers, central bankers and other policymakers interested in studying the fundamental articles on central bank autonomy.

PRAISE FOR THE LONG GOOD BUY "Oppenheimer offers brilliant insights, sage advice and entertaining anecdotes. Anyone wishing to understand how financial markets behave - and misbehave - should read this book now." Stephen D. King, economist and author of Grave New World: The End of Globalisation, the Return of History "Peter has always been one of the masters of dissecting financial markets performance into an understandable narrative, and in this book, he pulls together much of his great thinking and style from his career, and it should be useful for anyone trying to understand what drives markets, especially equities." Lord Jim O'Neill, Chair, Chatham House "A deeply insightful analysis of market cycles and their drivers that really does add to our practical understanding of what moves markets and long-term investment returns." Keith Skeoch, CEO, Standard Life Aberdeen "This book eloquently blends the author's vast experience with behavioural finance insights to document and understand financial booms and busts. The book should be basic reading for any student of finance." Elias Papaioannou, Professor of Economics, London Business School "This is an excellent book, capturing the insights of a leading market practitioner within the structured analytical framework he has developed over many years. It offers a lively and unique perspective on how markets work and where they are headed." Huw Pill, Senior Lecturer, Harvard Business School "The Long Good Buy is an excellent introduction to understanding the cycles, trends and crises in financial markets over the past 100 years. Its purpose is to help investors assess risk and the probabilities of different outcomes. It is lucidly written in a simple logical way, requires no mathematical expertise and draws on an amazing collection of historical data and research. For me it is the best and most comprehensive introduction to the subject that exists." Lord Brian Griffiths, Chairman - Centre for Enterprise, Markets and Ethics, Oxford

State and Local Public Finance provides a comprehensive and sophisticated analysis of state and local government public finance practices and issues, using the basic tools of economics. This fifth edition maintains its focus on key local services such as education, health care, and transportation and brings in new coverage of land use and housing, applications from behavioral economics, and more international comparisons. This textbook provides an examination and analysis of public finance practices and problems in a federal fiscal system, focusing on the fiscal behavior and policies of state and local governments. Modern economic theory is applied to examine the way key institutions are used to produce and finance services and to provide evaluation of alternative policies. This stalwart text will continue to be invaluable reading for those who study public finance, local government finance, urban economics, public policy, and public administration.

State and Local Public Finance provides a comprehensive and sophisticated analysis of state and local government public finance practices and issues, using the basic tools of economics. This fifth edition maintains its focus on key local services such as education, health care, and transportation and brings in new coverage of land use and housing, applications from behavioral economics, and more international comparisons. This textbook provides an examination and analysis of public finance practices and problems in a federal fiscal system, focusing on the fiscal behavior and policies of state and local governments. Modern economic theory is applied to examine the way key institutions are used to produce and finance services and to provide evaluation of alternative policies. This stalwart text will continue to be invaluable reading for those who study public finance, local government finance, urban economics, public policy, and public administration.

Bank failures, near failures, and crises are common throughout the world, and particularly in the major G-10 trading countries, including the United States, Germany, and Japan. But equally common are the bailouts by national governments, when they perceive that bank failure will result in severe economic distress. Gup examines these events, focusing on happenings in the particularly volatile years since 1980, and finds that nonperforming real estate loans, even more than fraud, are the primary cause. His wide-ranging investigation casts doubt on the effectiveness of bank regulation and makes clear that with globalization and emerging technologies, change in regulatory methods is needed. This book is essential for scholars, students as well as professionals in international banking, finance, investment, and world trade.